Private equity firm GI Partners, headquartered in San Francisco, is poised to acquire ASK4, the renowned internet services company based in Sheffield, UK. ASK4, currently under the ownership of Bowmark Capital, specializes in providing managed Internet and Internet of Things (IoT) services to multi-tenant buildings across 12 European countries, boasting a substantial customer base exceeding 320,000 clients.
This undisclosed acquisition deal, pending regulatory approvals, marks GI Partners’ debut investment in data infrastructure within the European market. GI Partners, with a formidable track record, has raised over $41 billion and identified data infrastructure as one of its core focus areas.
Expanding Horizons
Bowmark Capital’s investment in ASK4 has facilitated the strategic expansion of the Yorkshire-based firm into new market segments. This move aligns with GI Partners’ ambitious plans for the future.
Andrew Dutton, CEO of ASK4, expressed his enthusiasm, stating, “ASK4’s mission is to foster connectivity among individuals and communities, enabling them to lead fulfilling lives and enhance productivity within their residential and professional environments. Our rewarding five-year partnership with Bowmark has been exceptional, and we eagerly anticipate the future alongside GI. We remain committed to evolving our client support strategies and extending service reach into multi-tenant communities across Europe and North America.”
GI Partners’ Vision
Matt Barker, the Managing Director and Head of GI Data Infrastructure in Europe, provided insights into the acquisition’s importance: “ASK4’s central offering revolves around providing comprehensive Wi-Fi management services within multi-tenant structures, catering to students, working professionals, and retirees alike. Our enthusiasm knows no bounds as we collaborate with Andrew Dutton and the ASK4 team to embark on a targeted expansion endeavor, encompassing geography, industry sectors, and service enhancements. ASK4’s exceptional technical prowess and service excellence place us in a distinctive position to deliver market-leading solutions that bolster tenant retention, encourage re-bookings, and boost net operating income—a true asset for real estate investors and operators.”
A Strategic Move
Mark Prybutok and Brendan Scollans, Co-heads of GI Data Infrastructure, further emphasized the strategic importance of this investment: “We are pleased to announce our inaugural European investment as part of GI Partners’ Data Infrastructure strategy. Our diligent tracking of ASK4’s progress over several years has led to this milestone, with our teams in both Europe and the United States collaborating closely to execute this investment. ASK4’s impressive combination of high-quality contracted revenues and enticing value-added growth prospects makes it an excellent addition to the GI Data Infrastructure portfolio.”
The acquisition of ASK4 by GI Partners represents a significant development in the data infrastructure sector, signaling the entry of a Californian investor into the European market.
